Bitcoin (BTC-USD) fell below the $20K level again in the early hours of Wednesday as selling pressure resumed in the crypto space. Bitcoin (BTC-USD) -4% touched a low near $19.5K before bouncing back and has been trimming losses through the morning, currently trading around $20,140. Ethereum (ETH-USD) -7% and Dogecoin (DOGE-USD) -9% are also moving lower. “Most short-term technicals point to an above-average chance of a final ‘washout’-style decline before this bottoms,” Mark Newton, technical strategist at Fundstrat, said in a note, according to Bloomberg. It could drop as low as $12.5K to $13K, “which I expect should be an excellent place for intermediate-term buyers to add to longs,” Newton said. Yesterday, Guggenheim's Scott Minerd reiterated his call for the Bitcoin (BTC-USD) ultimate bottom at $8K.
